Merrill Lynch SA



                               Merrill Lynch S.A.
                Issue of JPY 810,000,000 Vrble Index Lnkd Cpn Amt
                Index Lnkd Rdmp Notes due 31/05/2012 SR 845 Tr 1
                                       MTN

                                  XS0302919484

Please be advised that the Issuer has repurchased JPY 430,000,000 of the above
issue with value 11.12.2007.

The new outstanding is JPY 380,000,000.

Please arrange for this to reflected in your records.


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